As major cryptos rebound from fresh multi-week lows, with Bitcoin (BTC) back near $58,000 after dipping briefly as low as the $55,000s earlier on Wednesday, investors are scouring altcoin markets for top crypto performers today that might be able to outperform amidst ongoing market uncertainty.
All eyes are focused squarely on upcoming US ISM Services PMI data on Thursday and the August jobs report on Friday.
Those data points will impact expectations as to whether the US economy is headed for recession, and how fast the Fed will cut interest rates.
US economic data so far this week hasn’t been good. Tuesday’s ISM Manufacturing PMI missed expectations and pointed at continued economic contraction in US industry.
Wednesday’s US JOLTs job openings report, meanwhile, showed labor demand softening more than expected.
This is a labor market that isn't as tight as it was before the pandemic:
Job openings declined further in July, and the ratio of job vacancies to unemployed workers dropped to 1.07, the lowest since 2018 pic.twitter.com/xZhPZTRiHO— Nick Timiraos (@NickTimiraos) September 4, 2024
That will keep recession fears elevated ahead of upcoming key data reports.
These fears appear to be weighing on US bond yield as traders seemingly up their Fed rate cut bets.
And that could have helped Bitcoin recover from intra-day lows, though it isn’t one of the top crypto performers today. Republican Presidential nominee Trump opening a 5% lead over Democrat nominee Harris in the Polymarket implied election victory odds could also be helping.
Trump's lead in the odds just hit 5%. pic.twitter.com/qKMQ8sTV9h
— Polymarket (@Polymarket) September 4, 2024
He is seen as likely to be the more pro-crypto candidate of the two.
As major cryptos stabilise, here are some top crypto performers today that dip buyers may be looking to accumulate.
Top Crypto Performers Today
Aave (AAVE)
Leading lending/borrowing protocol Aave (AAVE) tops the list of top crypto performers today with a 10% 24-hour gain, per CoinMarketCap.
AAVE is strong amid expectations that a Trump-linked crypto project will launch based on the DeFi app.
That will bring a lot of attention to the application, and likely boost its TVL substantially.
AAVE was last trading around $134.70 and eyeing a retest of 2024 highs in the $150 area.
Aave looks set to remain a leading DeFi protocol in the coming years. It could grow a lot from its current market cap of $2 billion.
That suggests it’s probably one of the best coins to buy right now.
Starknet (SRTK)
Elsewhere, another one of the top crypto performers today is a coin called Starknet (STRK).
The ZK-rollup Ethereum layer-2 blockchain protocol is eyeing a retest of its 50DMA.
A break above here could open the door to a prolonged move back to the towards the $0.60s from its current level just under $0.40.
Dogwifhat (WIF)
Leading Solana meme coin dogwifhat (WIF) is another one of the top crypto performers today.
But, last at $1.60, WIF remains locked within a long-term downwards trend channel, and well below its major moving averages.
WIF might not be the best meme coin to buy right now, give its bearish technical bias.
Alternatively, analysts at Cryptonews.com keep a close eye on meme coin presales.
Cryptonews.com’s in-house analyst Crypto Arjay explains his top meme coin presales in the below video.
Alternatively, check out Cryptonews.com’s list of top picks below.
17 Best New Meme Coins to Buy in September 2024
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